The IOTA project has successfully completed its Chrysalis upgrade, allowing the network to process up to 1000 transactions per second. This is about 50 times faster than before when the network hit about 20 TPS.
According to an August 19th blog post by the IOTA Foundation, IOTA 1.5, also known as Chrysalis, is now available. The update is designed as an intermediate stage before removing the coordinator from the IOTA network. The coordinator is a central server managed by IOTA developers that creates checkpoints in your transaction history.
Under chrysalis, The transaction confirmation time for token transfers in the IOTA mainnet has been reduced in some cases to four seconds, at least eight times faster than before.
It is also possible that the network can handle more than 1000 TPS. while testing the community test network, IOTA stated that the network was able to reach 1500 TPS.
From pollen to “Coordicide”
Today’s network upgrade, Chrysalis Phase 1, is the penultimate step towards “Coordicide,” meaning the removal of the coordinator before Phase 2 is implemented later in 2020. Phase 2 includes “support for a new signature scheme and thus reusable addresses, UTXO, new node API, new client library API, new wallet for desktop and mobile devices and more”.
The official test network for the upgrade contains three phases, named after the phases of honey-making: pollen (pollen), nectar (nectar) and honey (honey).
The network announced that it had started phase one, pollen, in June. Nectar is expected to enable full implementation of the Coordicide modules on a test network with incentives in the fourth quarter.Test the network for errors or problems before finally starting the mainnet. Network participants can generate “nectar” or rewards for finding errors or possible attack vectors.
The final phase in the test network for IOTA 2.0, Honey, will include all of the final Coordicide modules that will represent the first version of IOTA 2.0 or the fully decentralized IOTA main network. The final update in the mainnet is expected in early 2021.